Prospect, CT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Prospect Neighborhoods Since 2000




Prospect, CT Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Prospect Housing Market Information

With a population of 9,739, 3,205 total housing units (homes and apartments), and a median house value of $309,503, Prospect real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Prospect, accounting for 83.15% of the town's housing units. Other types of housing that are prevalent in Prospect include mobile homes or trailers ( 5.89%), duplexes, homes converted to apartments or other small apartment buildings ( 5.77%), and a few row houses and other attached homes ( 3.59%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Prospect. Owner-occupied housing accounts for 88.30% of Prospect's homes, and 71.85% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Prospect built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Prospect built between 1940-1969 ( 35.64%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.68%). There's also some housing in Prospect built before 1939 ( 5.10%).

Prospect Home Appreciation Rates

Prospect's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Prospect during the period has been just -2.09%, which is lower than 80% of US communities.

Over the last year, Prospect appreciation rates have trailed the rest of the nation. In the last twelve months, Prospect's appreciation rate has been -0.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prospect were at -0.47%, which equates to an annual appreciation rate of -1.86%.

Relative to Connecticut, our data show that Prospect's latest annual appreciation rate is lower than 50% of the other cities and towns in Connecticut.

Average Home Values

 

Median Home Value:
$309,503

Prospect, CT HOME PRICES

Value Range
> $1,009,000 0.2
$757,001 - $1,009,000 0.9
$504,001 - $757,000 1.6
$403,001 - $504,000 15.6
$303,001 - $403,000 32.5
$202,001 - $303,000 34.1
$101,001 - $202,000 6.8
$51,001 - $101,000 1.6
$0 - $51,000 6.7

High for CT
Very High for Nation

Value Relative to Nation Value Relative to State
15.4927926872143 35.5029585798817

Number Of Homes And Apartments:
3,205

Prospect Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
29.80% 1.52% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,727 / per month

Homeownership Rate

Homeownership
Owners 88.30
Renters 11.70
Vacant 3.20

Housing Market Details

 

Age of Homes

AGE OF Prospect HOMES
2000 or Newer 14.7
1970 - 1999 44.6
1940 - 1969 35.6
1939 or Older 5.1

Types of Homes

TYPE OF Prospect HOMES
Single-Family 83.1
Townhomes 3.6
Small Apt. Buildings 5.8
Apt. Complexes 1.6
Mobile Homes 5.9
Other 0.0

Home Size

SIZE OF Prospect HOMES
No Bedroom 0.51
1 Bedroom 2.66
2 Bedrooms 20.63
3 Bedrooms 50.80
4 Bedrooms 21.05
5 or more bedrooms 4.35